Find out your custuomers next purchase using predictive analysis

Find out your custuomers’ next purchase using predictive analysis

Does your business work data-driven and take advantage of predictive analytics and do you make the best use of it to find out your customers’ next purchase?

Working with predictive analytics (usually by machine learning) means that you can predict what your customers will do next based on historical events. You then use these insights to make smart business decisions. Today, predictive analysis is routinely used in many different industries, such as the banking and finance industry, retail and health care. In current times with fewer customer transactions, it is even more important to focus on this so that you can retain your customers and increase sales, but also find entirely new target groups. You can use predictive analytics within the organization, to improve internal processes, but many use it to increase sales.

Predict future purchases

It´s not difficult to predict the future, but it is primarily about analyzing large amounts of relevant data to find general patterns of behavior that can be used to predict how an individual or individual company is likely to act in the future. The analysis means that objective business decisions can replace subjective decisions that are made on pure and cutting stomach feeling.

Did you know that 25% of all decision makers base their strategic decisions on gut feelings?
At the same time, 38% of them fear that their companies will not be there by 2030 unless they succeed in being computer-driven.

 

For the sales & marketing department, predictive analysis can be used, for example, to predict the customer’s next probable purchase, which of course is what everyone wants. Another area where predictive analysis produces good results is in risk analysis, where predictive models can predict which customers are poor payers in order to minimize unnecessary credit losses. You can also use predictive analytics by developing your business opportunities and predicting what customers want and when they are most likely to buy it.

Different consumer patterns depending on phase of life
Focus on trying to find the next likely purchase. For example, we know that 70-80% of consumers buy a house or car within one year of having children. What it becomes for a car depends, for example, on values, income and lifestyle as well as a number of other variables that are included in the analysis.
Predictive analysis also looks at a high-quality analysis that gives you an understanding of the customer’s needs at an individual level, for example, you can produce information to an insurance company which services the customer is probably most interested in obtaining information about, pension, car insurance or child insurance. As well as answering questions about how much customers will shop for today and in the future.

70% of all companies are lacking the expertise
According to one study, a lack of knowledge and insufficient processes are seen as the biggest challenges in being data-driven. In addition, half of the decision makers lack the basic knowledge to develop their company’s data analysis capability. More than 70% of the most data-mature companies identify a lack of competent personnel as their main challenges.

How Tech Relations can help
Tech Relations is collaborating with about 15 consulting companies in Stockholm and over 50 freelancers in the areas of predictive analysis, Power-BI, Business Intelligence, Machine Learning and Data analysis. Consultant roles like Project Manager, Architect, Information Management Consultant, Analyst and Developers. Just as many senior developers choose to become freelancers, we see the same trend among senior consultants in the field of analysis. If you want to work with the best consultants, you should choose Tech Relations. We only appoint Driven consultants with recommendations.

For example, we have experienced consultants who have experience working with:

• Tools such as Power BI, Tableau, Cognos or QlikView
• Experience in data history, data modeling, education and working methods linked to analysis and data.
• Experience in holding workshops and trainings.
• Experience in presenting data in a simple an good visual way to all types of stakeholders
• Accustomed to working with databases and programmers in SQL and DAX.
• Accustomed to working and communicating with tech and the business
• Powered by change and to make a difference with the customer
• Are independent and “doers”
• Living in Stockholm

We have been inspired to write this blog post from the follow pages
https://vdtidningen.se/manga-strategiska-beslut-baseras-pa-magkansla/
https://www.bisnode.se/kunskap/vara-tankar-om/sa-fungerar-prediktiv-analys-5-kunder-som-lyckats/

This is what some of your customers say about working with Diana & Tech Relations:

“Strong drive, always positive approach and genuine customer focus characterize Diana and Tech Relations. By precisely understanding our needs, and by quickly delivering strong candidates, Diana has many times saved our continued development. Diana is easy to work with in all situations, I highly recommend Diana. ”

Martin Belak at eBerry (part of Nordic Choice Hotels)

Please contact Tech Relations if you are a consultant or are looking for consultants in Stockholm. We have +2000 affiliated freelancers and hired IT-consultants and work with 12 customers.